Galileo FX is an automated expert advisor that promises 96.47% accuracy in trades regardless of the market conditions. The vendor claims that the EA is equipped to beat the market with its trend-based approach. Focusing on backtesting results, this FX robot does not provide verified trading results and the strategy explanation is vague. From our initial evaluation of the ATS, we find it is not a reliable system to consider.
While the official site does not reveal the developer or the team behind the FX robot, company information is present. Launched in January 2020, this company is based in Dublin, Ireland. An email address for support and an online contact form are the main options present for customer support. A link to the Facebook profile of the company is also present for support.
How GALILEO FX Works
This FX EA focuses on providing automatic trades which are achieved by the 24/7 market survey of the trading software. The installation is simple to do with the help of the user manual and video tutorial. Other features of this ATS include optimized default mode, preset files for aggressive, fast, and slow trading modes, and automated SL and TP features. This FX Robot is compliant with MT4 and MT5 brokers.
Timeframe, Currency Pairs, Deposit
In the default mode, this EA is set to work best on the EURUSD pair in the H1 timeframe. However, the vendor provides various other timeframes which users can choose from. For instance, the M15, M5, and M1 are recommended for frequent trades. In the case of consistent trades, the H1, H2, H4, and H6 timeframes are used. There is no mention of the minimum leverage or the recommended deposit amount.
The strategy this EA uses includes taking advantage of Bullish and Bearish signals that occur consecutively. Detection of price range seems to be the main approach used for identifying profitable trades. There is not much info on the approach used which is disappointing. The vendor offers more than 60 optimized settings.
Pricing and Refund
While there is no price package mentioned on the official site, our web search reveals three versions namely, Personal, Plus, and Pro.
With the personal version, there is a monthly profit limit of $1000 and you can trade on two currency pairs. The Plus version allows 4 currency pairs and is limited to a monthly value of $5000. You can trade three hours max daily. If you are looking to make unlimited profits, the Pro package offers nearly 20 currency pairs with 24/7 usage.
The lack of info on the price and packages on the official site is puzzling and indicates the lack of transparency on the part of the vendor. No refunds are provided which further confirms our suspicions about the reliability of this EA.
No real account trading results are present for this EA, although the vendor claims to have verified results. Backtests are present for different currency pairs including the BTCUSD pair. Here is a screenshot of the backtesting done on the EURUSD pair.
A net profit of $4398.40 is shown for the backtest done from January 1, 2021, up to June 11, 2021, on the H1 timeframe. The IC Markets broker and MT5 platform are used for this account. No info on the modeling quality is present.
People say that GALILEO FX is…
A scam. As per FPA, many fake and suspicious positive reviews have been recorded for this EA. From the recent reviews shown below, we can see that the cost of the FX robot is expensive. The reviews also reveal that it is not automated and requires the user to make endless changes. Even with the demo account, the EA resulted in a big loss.
|Automated trading software||No verified real trading results|
|60 optimized settings||Lack of vendor transparency|
|No refund policy|
|Negative customer reviews|
Galileo FX Conclusion
Galileo FX claims to provide 96.47% accurate trades in any market condition. From our analysis of the approach, backtests, and other features of the EA we find that this is not a reliable system. While the vendor provides location info and support options, there is no mention of the price packages on the site. Furthermore, there are no verified results present on the site even though the vendor mentions verified results as part of the features. The backtests present do not reveal much info on the EA. From the customer reviews, it is clear that this is a scam FX robot. With so many downsides we do not recommend this expert advisor.